By the 1986 amendment of the Banking and Credit System Supervision Act 1968, credit unions, insurance companies and pension funds were placed under supervision of the Central Bank. For insurance companies a new act (the Supervision Act on Insurance Companies) has been in the making, but did not yet came into force.
In this new act is, like in the Supervision of the Banking and Credit System Act 2011, a licensing system was created in which the Central Bank became the sole authority to grant a license to an insurance company. Another similarity is the provision to instruct the authorized bodies of the insurance company to follow a particular line of conduct. If the company does not comply as instructed, the Central Bank can place the insurance company under guardianship or silent custody.